Big underwriters are making big technology moves.
It's a pattern that began long before the COVID-19 pandemic and has only surged as a result. It's no wonder as to why. To win more market share, underwriters need to focus on bringing more value to their title agencies.
The relationship between technology and customer loyalty has always interested us here at TitleCapture, which is why we conducted a survey of over 1000+ of our title agency clients to gain insights on technology and their relationship with their underwriters.
The results were quite surprising, and one startling statistic made us take a step back.
66% of title agencies are more likely to send business to the underwriter that offers them the best technology.
Let that sink in for a second.
This is an important statistic. It shows that title agencies regard themselves as being in a partnership relationship with their underwriter, rather than a mere broker for title insurance policies. They expect underwriters to provide value…and not just any value—the BEST value.
What does this mean?
First and foremost, it means title agencies view technology as the #1 brand differentiator. They want to be able to offer an awesome experience to their clients and believe technology can help them do that.
Second, this statistic shows that agencies' standards are rising when it comes to technology. Notice the keyword "best." Title companies don't just favor underwriters with tech offerings; they want to work with those who bring quality technology to their partnership. This is an inevitable outcome of the incredible user experiences in the consumer software and tech title company employees use daily in their personal livees. Apple, Google, Uber—these companies excel when it comes to ease of use, speed, aesthetics, and utility. This is the level of technology they've learned to expect. Now, they demanding the same level of user experience from the technology being offered to them in the professional space.
How underwriters can get ahead
Technology will play an ever-growing role in title, both for streamlining operations and improving customer experiences.
Underwriters have the unique opportunity to lead their agencies by offering value through technology, fulfilling their agencies' vision for a mutually beneficial growth partnership (and gaining a greater market share along the way).